A plan by the Central Bank of Nigeria (CBN) to pump more dollars into the interbank foreign exchange (forex) market may shore up the value of the Naira against the dollar. The Naira appreciated marginally on all trading sessions at the interbank market, opening last week at N305.80/$1 and settling at […]

The naira, on Monday, appreciated to N403 per dollar in the parallel market following indication that the CBN will sell $20,000 to each BDCs this week, up from the $10,000 usually sold to each BDC. Though the naira closed N397 per dollar Friday previous week in the parallel market, it […]

Remittances from Egyptians abroad increased by 20 percent year-on-year in the three months following the country’s November currency float, totalling about $5 billion, a central bank statement said on Monday. Remittances for the month of January were up 23 percent year-on-year, reaching $1.6 billion, the statement said. The central bank […]

  Nigeria’s interbank forex market traded $540,000 in early deals at 375 naira per dollar, near a record low exchange rate hit last November, Thomson Reuters data showed on Monday. The local currency traded at a record low of 375.50 to the dollar last November on the official interbank market […]